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Updated for Tax Year 2014. OVERVIEW. The AGI calculation depends on the tax return form you use; some forms allow you to take more adjustments to income, than others. When you file a tax return, you will always see a line to figure out your adjusted gross income, or AGI, before arriving at your taxable income number.
Your modified adjusted gross income or MAGI is used to determine your eligibility on a number of things. This includes several credits and deductions, Medicare Plan B premiums, and is most known for determining IRA deduction and Roth IRA contribution eligibility.So, itâs a pretty important number to have handy.ow that you have your AGI, you can find your MAGI. To do this youâll have to add some deductions back into your AGI to find your MAGI: 1  IRA deduction. 2  Student loan interest deduction. 3  Qualified tuition/fees deduction. 4  Any domestic production activities deduction.